VI Regulators to close Bank of Asia (BVI) Limited
The decision is based on established legal and regulatory frameworks to protect depositors and preserve stability in the banking sector in the Territory, according to an FSC statement. It further stated that these steps demonstrate a commitment and conviction to sound and prudent regulation that strengthens the financial services industry in the Territory.
What happened to the Bank of Asia?
The actions taken by VIDIC come after over a year of investigations into the bank's practices and other financial decisions and stability challenges the bank began to face, according to multiple sources familiar with the operations.
VIDIC Chief Executive Officer Mrs Lisa Ann Violet offered that: “Our remit is to provide protection for depositors against the loss of insured deposits placed within member institutions (banks), and to promote and contribute to the stability of the financial system in the Virgin Islands.”
Ms Violet further stated that “we will continue to be vigilant and committed to ensuring that consumers using banks in the VI are protected.”
We had no other choice- Kenneth B. Baker
Meanwhile, the Managing Director/CEO of the FSC, Mr Kenneth B. Baker, noted in his comments that “we are resolute that the action was necessary based on established regulatory requirements”. Mr Baker noted that the FSC continues to ensure "that the financial services sector in the Territory continues to be well regulated and grounded in international best practice in banking and all other regulated activities...”
In response to the winding down of the operations of the Bank of Asia (BVI) Limited by the VIDIC and the FSC, its founder and chairman, Carson Wen, stated that “innovations in the Fintech space have also brought significant changes to businesses and individuals”. Mr Wen said that the Bank of Asia was established in the VI to address the growing needs of international companies, their owners and other multinational conglomerates in the era of digitalisation...... with a strong emphasis on providing the best customer experience possible, our use of advanced technology and big data enables us to open accounts efficiently and effectively for customers from anywhere in the world. Our technology-driven platform also enables customers to enjoy more user-friendly and cost-effective services with your smart devices.”
Who is next?
It is unclear what will happen to the employees of the bank and whether there will be a Bank of Asia (BVI) Limited in another form. There is also speculation and unconfirmed reports that VIDIC is monitoring another bank in the Territory.
VIDIC is an independent statutory body established by the Government of the Virgin Islands in January 2024, pursuant to the Virgin Islands Deposit Insurance Act, to promote and contribute to the stability of the financial system in the VI by insuring deposits in member institutions, assessing and mitigating risks to the deposit insurance fund; and minimising the exposure of the insurance fund to loss and effect on the financial system when a member institution fails.
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17 Responses to “VI Regulators to close Bank of Asia (BVI) Limited”
"Bank is actively on-boarding clients • Positions the British Virgin Islands at the forefront of reshaping global financial services through innovative digital banking services"
Do we chalk this as another Digital Banking success like LIFECOIN?
Maybe if we find out who is benefitting from these investments that would help. Hands up if you got a generator!
"Bank of Asia (BVI) Limited today, October 24, 2017, announced that it is providing the [British] Virgin Islands (VI) Government with 50 Generators to be distributed in the territory."
Our list of successes goes on.
Financial services is safe hands.
The only new bank authorised to operate in the VI in the last 20 years turns out to be a not what they thought it was!!
And for the last laugh he had a role as Executive Council of the SUSTAINABLE Business Network of the United Nations Economic and Social Commission. You know that UN that P487 keeps going to without consulting us first.
We must have same sort of skills as we now running Sustainability in the Caribbean based on or record!!
Guess we'll know when they dash off in the night with our money leaving all of us in the loop.
Its probably the one whose ATM always either not working or has insufficent cash or the one who charges fees months later....y'all know the one....the one with all type of cryptic fees.... the one where you cash out your CD and deposit it in Savings but they move the money over to Chequing just so you don't get the high intetest on your money. If its them, most of us is going to say good riddance to bad rubbish.
Like only the so called rich banked there.
Minute we go independence we getting black listed immediately since we love to fight off hiding out overseas register of interest and other financial dealings. Only reason to put up with us so much cuz we under UK . 1 pillar gone one timeee